Executives respond to rumors of currency: At Samsung, we all use blockchain

Recently, at the London Blockchain Expo, Samsung executive Moritz Von Widekind gave a speech. Regardless of the content of the speech, there is a question everyone wants to know the answer: Samsung really wants to send coins?

Von Widekind is the head of BD and Financial Technology in Europe for Samsung SDS (a global provider of global IT solutions and services) and mentioned the design of the enterprise platform in his speech. At the end of the speech, he was immediately bombarded with a series of questions, all related to the company's message to send money.

Von Widekind cautioned that there is currently no official or specific news. However, in a subsequent interview with reporters, he revealed that discussions on Samsung coins have been going on for some time.

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Based on this interview and a previous Q & A, we got some information:

– The use and design of this token is not clear.

– This currency may be based on the NextLedger blockchain – but whether it will be launched based on its application, the focus may be on building customer loyalty.

– This work is still largely in progress and is being carried out in different sectors in Korea and elsewhere.

“Samsung is a huge organization, and everyone in the organization has some contact with the blockchain to some extent,” Von Widekind told us, adding that South Korea’s electronics division is the most likely place to develop such coins. .

This is inconsistent with previous reports, and its token project does not originate from the company's specialized blockchain division.

Von Widekind hinted that ensuring customer loyalty could be the rationale behind this token project, "this is a point that has been mentioned in the past," he said. But as to whether it will have its own main network, or use NextLedger, which is being developed by Samsung SDS, there is no decision yet.

"We can provide a similar platform, but it has not been discussed yet." He added that NextLedger will be the best platform for a project specifically targeting the Samsung ecosystem.

We are building this versatile enterprise platform. Of course, any Samsung entity can use it, but it doesn't have to be used.

Von Widekind's division focuses on technologies that drive payments and banking digitization, including logistics, shipping, cloud services and data centers.

The blockchain platform his team is developing has its own consensus algorithm, but also uses the HyperLedger and Ethereum protocols. He said that the deployment method depends to a large extent on the use cases. For example, the Ethereum agreement will be deployed to protect the artist's music copyright if it needs to use smart contracts.

The team's ongoing projects include the "Samsung Card" and the KFB Banking Alliance project. The “Samsung Card” is mainly about digital time stamping and identification, while the KFB Banking Alliance project includes 15 Korean banks to explore scalable blockchain deployments, covering 95% of the market.

He said their strategy is to expand the use case. “Determining the blockchain technology platform is always an application,” he said. “We have a layered approach so we can change the agreement at any time without having to change the infrastructure or ecosystem.”

Von Widekind is more interested in the combination of AI, the Internet of Things and the blockchain, rather than the currency. "This is the driving force for our future business."

So, will one day, Samsung's points of interest and all projects be perfectly combined to create a seamless end-to-end service for customers?

Von Widekind doesn't think so:

This is impossible. Our group has more than 600,000 people. They all have their own research department, and everyone is exploring the blockchain technology they need. Of course, we are always interested in having a comprehensive Samsung solution.

It is unclear whether the company will create a new currency, but we can guess that the answer is yes.

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